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Seismic Surveyor Polarcus Defaults on Debt – gCaptain


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OSLO, Jan 26 (Reuters) – Lenders took control of Polarcus’s ships on Tuesday after the seismic surveyor defaulted on its bank loans and bonds, hit by a drop in spending by energy companies struggling with the COVID-19 pandemic and volatile oil prices.
The company’s Oslo-listed shares plunged as much as 47% after they resumed trading following an earlier suspension.
Polarcus said lenders had taken over shares in subsidiaries that own seismic vessels and replaced directors in each subsidiary, but wanted to continue its operations.
“In parallel with their actions described above, the lenders have made it clear to the company that their intention is not to jeopardise or destabilize the Polarcus organization,” it added. ....

Terje Solsvik , Mark Potter , Nerijus Adomaitis , Petroleum Geo , Arab Emirates Headquartered , Oslo Bourse , Oslo Based Petroleum Geo Services , குறி பாடர் , பெட்ரோலியம் புவி , ஒசிலோ பெர்சே , ஒசிலோ அடிப்படையிலானது பெட்ரோலியம் புவி சேவைகள் ,